Morning Market Wrap

17 Jun 2024
US equities finished modestly lower on Friday, while European equities extended recent weakness as concern over French elections weighs on risk appetite.

United States

The S&P500 edged -0.04% lower along with the Dow Jones -0.15% while the Russell 2000 fell -1.61%. The latest consumer sentiment survey for June showed a decline to a seven-month low of 65.6, this compares to expectations for the survey to show a modest improvement. Weighing on consumers was high prices, which are taking a toll on personal finances.

Ahead this week, investors will look to the latest retail sales data for May on Tuesday, expected to show a 0.3% increase over the month. This is followed by the latest building approvals on Thursday, with Friday rounding off the week with PMI reports for June, and the May reading of the Conference Board’s leading economic index.

Europe 

The Euro Stoxx 600 was -0.97% lower on Friday along with the DAX -1.44%, CAC -2.66% and FTSE100 -0.21%. The notable weakness in French equities was linked to a manifesto from left-wing parties, which would reverse most of Macron’s economic reforms and raise issues with the European Union over fiscal policy. On the weakness, Matt Maley of Miller Tabak noted “The situation in Europe is starting to get a little dicey…The move is still a long way from developing into another sovereign-debt crisis, but with concerns about sky-high sovereign debt levels and bloated budgets, the developments in Europe (and particularly France) are raising some concerns in the marketplace”.

*Note: These prices are based on futures and/or CFD pricing and may therefore differ slightly from spot pricing.

Commodities

Oil prices were modestly lower on Friday with both WTI and Brent crude down -0.22% and -0.16% respectively. Iron ore futures in Singapore were up 1% on Friday although mostly reversed those gains this morning, down -0.61% to US$106.80 while copper was 0.3% higher on Friday. Gold climbed 1.25% on Friday to US$2,333 an oz, silver rose 2.03% while Bitcoin was -1.41% lower but has mostly reversed those losses over the weekend.

Economic Calendar

Chinese Fixed Asset Investment, Industrial Production and Retail Sales (YoY May) 12:00

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